Anti-crisis shield and tax solutions
The package of laws adopted by the government consists of: a draft act amending the act on special solutions related to the prevention, prevention and combating of COVID-19 spread (a special act), a draft act on granting public aid to rescue or restructure entrepreneurs (the so-called new chance policy) and a draft Act amending the Act on the development institutions system (PFR): - "The current situation requires to employ a whole array of non-standard and systemic solutions. This is our anti-crisis shield a set of many interconnected solutions which support the economy while maintaining the public finances stability. Poland, in the face of the coronavirus threat is one of the first countries in the world to present such a wide and concrete assistance package for citizens threat." - says Minister of Finance Tadeusz Kościński.
The mechanisms are aimed at eliminating the pandemic negative effects. The scheme include postponing the date of the CIT-8 declaration submission and the 2019 tax payment by CIT taxpayers as late as 31 May 2020. Non-governmental organizations whose revenues are tax-free and those operating in the public benefit area (if public benefit related revenues are at least 80% of all revenues) are allowed to submit CIT-8 within the extended deadline no later then 31 July 2020.
The new special act on the state budget management increases the prime minister's ability to transfer funds between budget envelopes. Thus the prime minister will be able to decide what kind of measures against the pandemic can be supported as the result of the earmarked reserves transfer: - This has been done in order to provide a rapid response to the needs of individual public funds holders - explains Minister Kościński.
The package also stipulates the possibility to settle PIT and CIT tax losses in retroactively. Taxpayers will be able to deduct the loss in 2020 from 2019 income. To this end, taxpayers will submit a 2019 tax statement and receive a refund. The anti-crisis shield package also provides for the possibility to resign from simplified tax advances in 2020. The monthly advances calculation will be then based on current revenues. Tax payers may also decide not to pay a prolongation fee. There is also a relief for donations transferred to support combat against coronavirus, exclusion on the income tax regulations regarding so-called bad debts, the March and April deadline extension for payers who pay payroll taxes advances, the postponed deadline when it comes to a new VAT rate matrix introducing and suspension of retail sales tax.
More information on the government website www.gov.pl.